China and the U.S. have reached an agreement to significantly reduce tariffs on each other’s goods for a 90-day period, marking a step toward de-escalating their trade war. Starting May 14, the U.S. will cut tariffs on Chinese goods from 145% to 30%, while China will reduce its levies on U.S. imports from 125% to 10%. The two nations also agreed to establish a dialogue mechanism for ongoing trade talks, co-led by senior officials including Chinese Vice Premier He Lifeng and U.S. Treasury Secretary Scott Bessent. The news boosted global investor sentiment, sending markets higher.